The Range Is Tightening in Cisco
Published on Tuesday, 03 July 2012 06:48 Written by TradersHuddle Wire
New York, July 3rd (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) closed the trading session at $17.08 with its price action in a very tight range, given that calculated support is set at $16.22 and the calculated resistance is set at $17.17.
Cisco Systems, Inc. (NASDAQ:CSCO) supplies data networking products for the Internet. The Company's Internet Protocol-based networking solutions are installed at corporations, public institutions, home networks and telecommunication companies worldwide. The Company's solutions transport data, voice, and video between networks and computers around the world. Cisco was founded in 1984 and its headquartered in San Jose, CA.
Cisco's stock price action indicates that both sellers and buyers are materializing very close to each other. This signals an area where momentum is building, since the stock can resolve by breaking out of the developing tight range.
Traders wanting to establish a position should pay close attention to Cisco's price action, as any movement outside its predefined range of $16.22 and $17.17 could grasp the attention of momentum buyers that look for a big movement in the price of the stock. Traders need to be aware that tight range resolution works both ways, hence, a move below support could spark above the average selling. A tiered approach could be the best way to start a position; enter into it while the stock is in the tight range, and then add to this position as it breaks and closes above resistance.
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